We’re still working on an article (or 2-3) summarizing our findings and advice on contextual advertising.
For now, though, we’ve verified with Google that item #2 of our previous post (More on Contextual Advertising) is incorrect; negative keywords do limit the sites where content ads appear. Apparently the Google ad-to-content matching algorithm looks at the negative keywords in an ad group, and then, if it finds matches to those keywords on the publisher page, it will not show the associated ad on that page.
